The investment announcement comes just a couple of weeks after Tengelmann Group invested an “eight-digit euro” amount in the eCommerce site.
The site, which operates in Colombia, Mexico, Peru and Venezuela, was launched in spring last year and offers consumers a range of products – from beauty items to phones, toys and electronics. With this investment, Summit Partners has now taken a stake in the eCommerce site through its German holding company. According to the press release, Linio will use the funds to expand its services in Latin America.
Vagn Knudsen, General Manager at Linio Colombia, commented on the deal: “We are excited to be joined by Summit Partners, a new investor that shares our aspirations for Latin America’s e-commerce. This investment… allows us to offer new categories of products, strengthen our operations, deliver to our customers even faster, and recruit the best talent.”
Other investors in Linio include Swedish investment bank AB Kinnevik (Rocket’s principal investor) and JP Morgan Asset Management.
Summit Partners has invested in a handful of Rocket Internet portfolio companies, including another Amazon clone, South-East Asian Lazada, along with a number of Zalando copycats from around the world such as Dafiti, The Iconic, Lamoda and Jabong.
Image credit: Flickr user jj.figueroa